Learn about the US income tax system and figure out how your taxes are calculated. Income taxes are based on how much money we earn at our job(s) and are usually taken out of our pay before we receive it. In other words, most income tax is collected directly from our employer, so it isContinue reading “How much income tax do I pay?”
Category Archives: Taxes
Understand Payroll Taxes & Paycheck Deductions
Explore payroll taxes and other deductions that get taken out from your paycheck. It’s important to understand the details of our paychecks and paystubs – what are our paycheck deductions. Not just the gross amount we get paid, but the taxes and deductions that get taken out. Most Americans today get a pdf version ofContinue reading “Understand Payroll Taxes & Paycheck Deductions”
Breaking Down and Calculating Sales Tax
Understand the tax paid on items you buy and how to calculate what you’ll have to pay. We all pay sales tax nearly daily, yet many are confused about how it works. Sales tax is a percentage paid on top of the base cost of most goods and services. So if I buy a newContinue reading “Breaking Down and Calculating Sales Tax”